📈 Vehicle Imports Rise to US$ 208 Mn in April Amid New Tax Changes

Sri Lanka's vehicle import bill expanded in April, reflecting a slight monthly increase as the market adjusts to the lifting of the long-standing import ban, according to Central Bank of Sri Lanka (CBSL) data. • Overall Figures & Trends: Vehicle imports, covering both personal and commercial vehicles, rose to US$ 208 Mn in April 2026, up from US$ 195 Mn in March. This follows a moderation from the 10-year peak of US$ 301 Mn recorded in December 2025. • Cumulative Impact: During the first four months of 2026, cumulative vehicle imports reached US$ 821 Mn. For context, the total import cost for the entire year of 2025 stood at US$ 2.05 Bn after the government lifted a five-year import ban in February 2025 to stimulate tax revenue. • Policy & Regulatory Updates: Upcoming imports are expected to be impacted by fresh tax amendments effective from May 2026. SSCL Amendments: Effective 1 May 2026, the Social Security Contribution Levy (SSCL) registration threshold drops to Rs. 9 Mn per quarter, revising how the 2.5% levy applies to motor vehicles at import. Customs Surcharge: A 50% surcharge on Customs duties will now apply to Letters of Credit (LCs) opened on or before 15 May if any amendments were made after the 18 May gazette took effect.